Chit fund: 15 people arrested in Odisha
Balasore: Fifteen people including the chief managing director of a chit fund company were arrested on Tuesday in Balasore district for duping investors through illegal money circulation, police said.
Among those arrested include CMD of Mid-East Group of Companies, Debesh Kumar Nayak, vice president Ratikant Tripathy and three founder members of the firm, Inspector In-Charge of Balasore town police station, Umesh Gadnaik said.
All the accused were produced before the sub-divisional judicial magistrate who sent them to jail for two weeks.
They were detained and interrogated since yesterday after a?cheque bounce complaint was lodged against them by a depositor.
One Radhakanta Das had lodged a complaint that after maturity of his deposit amount he was given a cheque of Rs 2.26 lakh which bounced, police said.
Meanwhile, the bail application of Prashant Das, CMD of Seashore Group, another chit fund company, was rejected by a court in Koraput.
Das was arrested from Mumbai a few days ago on charges of duping investors to the tune of Rs 50 crore in Semiliguda of Koraput district.
More from India
More from World
More from Sports
More from Entertaiment
- Afzal Guru row: JNU Students' Union president Kanhaiya Kumar arrested
- DNA: Analysis on actions taken against students protesting at JNU
- DNA: Analysis on actions taken against students protesting at JNU - Part II
- Watch: How students at JNU showcased anti-India spirit! - Part II
- DNA: Gravitational waves detected, proving Einstein right!
- Afzal Guru row: JNU students union president Kanhaiya Kumar arrested by Delhi Police
- Was abducted, blindfolded for four hours; Snapdeal employee Dipti Sarna narrates her ordeal
- VIDEO: Shikhar Dhawan reveals impact of Yuvraj Singh in India dressing room
- Kidnappers treated me well, gave me money to reach home: Snapdeal executive Dipti Sarna's 36-hour ordeal
- Why Modi never spoke on issues like beef or Muzaffarnagar, asks Manmohan Singh